Reported portfolio
Pat Dorsey
Dorsey Asset Management, LLC
- Reported portfolio value
- $1,255,861,000
- Current positions
- 11
- Top five concentration
- 57.3%
- Largest position
- 14.8%
- New positions
- 4
- Closed positions
- 3
Reported holdings
| Company | Portfolio | Quarterly activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
ASML ASML HLDG NV | 14.76% | Reduced 27.1% | 140,295−52,048 | $1,321 | $185,306,000−$20,474,000 | 13F2026-03-31 ↗ |
AER AERCAP HOLDINGS NV | 12.27% | Reduced 7.5% | 1,123,489−91,570 | $137 | $154,120,000−$20,557,000 | 13F2026-03-31 ↗ |
SUNB SUNBELT RENTALS HOLDINGS INC | 11.43% | New | 2,204,996+2,204,996 | $65 | $143,523,000+$143,523,000 | 13F2026-03-31 ↗ |
APP APPLOVIN CORP | 10.04% | New | 316,952+316,952 | $398 | $126,147,000+$126,147,000 | 13F2026-03-31 ↗ |
DHR DANAHER CORP DEL | 8.76% | Reduced 29.9% | 580,240−247,280 | $190 | $110,014,000−$79,422,000 | 13F2026-03-31 ↗ |
RPRX ROYALTY PHARMA PLC | 8.70% | Added 0.8% | 2,276,570+17,101 | $48 | $109,207,000+$21,901,000 | 13F2026-03-31 ↗ |
SPGI S&P GLOBAL INC | 7.54% | New | 222,683+222,683 | $425 | $94,716,000+$94,716,000 | 13F2026-03-31 ↗ |
LYV LIVE NATION ENTERTAINMENT IN | 7.38% | Added 0.8% | 607,609+4,636 | $153 | $92,666,000+$6,743,000 | 13F2026-03-31 ↗ |
META META PLATFORMS INC | 7.37% | Added 0.8% | 161,683+1,233 | $572 | $92,504,000−$13,408,000 | 13F2026-03-31 ↗ |
UBER UBER TECHNOLOGIES INC | 6.24% | New | 1,090,281+1,090,281 | $72 | $78,424,000+$78,424,000 | 13F2026-03-31 ↗ |
BKNG BOOKING HOLDINGS INC | 5.51% | Added 0.8% | 16,444+127 | $4,210 | $69,235,000−$18,148,000 | 13F2026-03-31 ↗ |
AZO AUTOZONE INC | 0.00% | Exited | 0−25,121 | $3,392 | $0−$85,198,000 | 13F2026-03-31 ↗ |
GOOG ALPHABET INC | 0.00% | Exited | 0−216,906 | $314 | $0−$68,065,000 | 13F2026-03-31 ↗ |
ENOV ENOVIS CORPORATION | 0.00% | Exited | 0−2,279,200 | $27 | $0−$60,718,000 | 13F2026-03-31 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ASML | ASML HLDG NV | 14.76% | 140,295 | $185,306,000 |
| AER | AERCAP HOLDINGS NV | 12.27% | 1,123,489 | $154,120,000 |
| SUNB | SUNBELT RENTALS HOLDINGS INC | 11.43% | 2,204,996 | $143,523,000 |
| APP | APPLOVIN CORP | 10.04% | 316,952 | $126,147,000 |
| DHR | DANAHER CORP DEL | 8.76% | 580,240 | $110,014,000 |
| RPRX | ROYALTY PHARMA PLC | 8.70% | 2,276,570 | $109,207,000 |
| SPGI | S&P GLOBAL INC | 7.54% | 222,683 | $94,716,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 7.38% | 607,609 | $92,666,000 |
| META | META PLATFORMS INC | 7.37% | 161,683 | $92,504,000 |
| UBER | UBER TECHNOLOGIES INC | 6.24% | 1,090,281 | $78,424,000 |
| BKNG | BOOKING HOLDINGS INC | 5.51% | 16,444 | $69,235,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ASML | ASML HOLDING N V | 17.89% | 192,343 | $205,780,000 |
| DHR | DANAHER CORPORATION | 16.47% | 827,520 | $189,436,000 |
| AER | AERCAP HOLDINGS NV | 15.18% | 1,215,059 | $174,677,000 |
| META | META PLATFORMS INC | 9.21% | 160,450 | $105,911,000 |
| BKNG | BOOKING HOLDINGS INC | 7.60% | 16,317 | $87,383,000 |
| RPRX | ROYALTY PHARMA PLC | 7.59% | 2,259,469 | $87,306,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 7.47% | 602,973 | $85,924,000 |
| AZO | AUTOZONE INC | 7.41% | 25,121 | $85,198,000 |
| GOOG | ALPHABET INC | 5.92% | 216,906 | $68,065,000 |
| ENOV | ENOVIS CORPORATION | 5.28% | 2,279,200 | $60,718,000 |
Investor background
Pat Dorsey
“A moat is structural and sustainable.”
Pat Dorsey is the founder and portfolio manager of Dorsey Asset Management, a Chicago-based investment firm whose concentrated global equity strategy was launched in 2014. Before managing his own firm, Dorsey served as Morningstar’s Director of Equity Research from 2000 to 2011, expanding its equity research group from approximately 20 to 90 analysts and helping develop the company’s economic-moat ratings and competitive-analysis framework. He later served as Director of Research at Sanibel Captiva Trust.
Dorsey invests in 10 to 15 businesses that combine sustainable competitive advantages, long runways for reinvestment and managers capable of allocating capital intelligently. His concept of a moat is deliberately narrow: market share, attractive technology, rapid growth or a popular product is insufficient unless the advantage is structural and difficult for competitors to reproduce. Dorsey focuses particularly on switching costs, network effects, intangible assets and cost advantages.
Dorsey is worth following because he transformed competitive-advantage analysis into a systematic research discipline and then applied that framework in a genuinely concentrated portfolio. His edge lies in connecting business quality with reinvestment economics and capital allocation: a moat protects returns, reinvestment compounds value, and management determines whether increasing business value reaches minority shareholders.